Nigeria has lost more than $196 million from its foreign reserves since the beginning of 2019

The country’s foreign reserve stands at $42.86 billion, the lowest since the beginning of the year.

Godwin Emefiele
  • Nigeria's foreign reserves declined by $196.31 million to $42.86 billion as of February 14, 2019.
  • The highest foreign earnings at $43.18 billion was recorded on January 30, 2019.

Nigeria's foreign reserve has declined by $196.31 million since the beginning of 2019, according to data seen by Business Insider Sub-Saharan Africa by Pulse from the Central Bank of Nigeria (CBN).

The country’s reserve stood at $42.86 billion as of February 14, 2019, the lowest since the beginning of the year.

In 2019, Nigeria’s foreign reserves peaked at $43.18 billion on January 30, after falling from the highest record of $47.80 billion it posted on May 7, 2018, beating South Africa and other big African economies.

But as of January 31, South Africa's foreign reserves stood at $42.99 billion.

Foreign reserves help nations intervene in the exchange markets by protecting the country’s assets.

In Nigeria, it has helped the central bank to sustain forex interventions and reduce pressure on the local currency against major international currencies including the dollar.

Godwin Emefiele, CBN governor, earlier said the country's target is to ensure a stable exchange rate to stop the Naira from depreciating.

JOIN OUR PULSE COMMUNITY!

Eyewitness? Submit your stories now via social or:

Email: news@pulselive.co.ke